Saipem Secures $1 Billion Contract for Azule Energy Offshore Project

## Saipem Wins $1 Billion Offshore Contract from Eni-BP Joint Venture Italian engineering and offshore contractor Saipem has secured a contract valued at approximately $1 billion from Azule Energy, the joint venture formed by Italy's Eni and the UK's BP, according to Offshore Energy. The award follows the recent sanctioning of the project and represents one of the more significant offshore contract wins in recent months. Azule Energy, which operates as the combined upstream oil and gas entity of Eni and BP, has been expanding its offshore development portfolio since the joint venture was established. The contract award to Saipem underscores the continued momentum in deepwater and offshore project execution as major energy companies advance their upstream investment programmes. Saipem, a global leader in engineering, procurement, construction, and installation (EPCI) services for the oil and gas sector, has built a strong track record in complex offshore projects across Africa, the Middle East, and beyond. A contract of this scale is expected to provide meaningful backlog support for the contractor and signals confidence in Saipem's technical and operational capabilities. While full details of the contract scope — including specific offshore location, water depth, and installation methodology — were not disclosed in initial reports, the $1 billion value places it among the larger single-award contracts in the current offshore market cycle. The award reflects broader trends in the offshore energy sector, where sanctioned projects are increasingly moving into the execution phase as oil prices and long-term energy demand outlooks support investment decisions by major international oil companies. For Saipem, the win adds to a growing order book as the contractor continues its strategic recovery and repositioning following financial restructuring in recent years. Further details on project timelines, vessel deployment, and scope of work are expected to be disclosed as the project progresses toward mobilisation.